PIEs: PEBEC Raises Concerns Over Imposed Annual Dues, Fees by FRCN

Kuni Tyessi in Abuja

The Presidential Enabling Business Environment Council (PEBEC) is currently examining concerns surrounding the Financial Reporting Council of Nigeria (FRCN).

It has also raised questions on the annual dues and fees imposed on Public Interest Entities (PIEs).

In a statement signed by the director- general of PEBEC, Zahrah Mistapha Audu, the FRCN has introduced new payment dates and penalties for non-compliance, which may affect various stakeholders.

To this regard, she stated that PEBEC will address the concerns surrounding the FRCN’s recent amendments, as it is holding a series of stakeholder engagements.

She said while hoping to find a meaningful solution for all parties, the sessions aim to foster open discussions and collaborative problem-solving among key stakeholders.

The statement reads in part: “Recent amendments to the Financial Reporting Council of Nigeria Act have expanded the definition of Public Interest Entities (PIEs) to include various categories of private companies, concession entities, and privatized entities.

“These changes aim to enhance transparency and accountability in financial reporting and strengthen corporate governance in Nigeria.

“However, issues have arisen regarding the payment of annual dues and fees by PIEs. The FRCN has introduced new payment dates and penalties for non-compliance, which may affect various stakeholders.”

Furthermore, she called on all parties to remain assured that PEBEC will continue to emulate best practices that will ensure that Nigeria remains competitive and an attractive destination for businesses and investors.